Nirsal Microfinance Bank Review and How to Apply for A Loan

NIRSAL Microfinance Bank is one of the leading financial institutions operating in Nigeria licensed by the CBN to offer loans for different purposes – one of these is the Nirsal covid-19 loan which you can get further information on from

Nirsal, otherwise known as NMFB is a subsidiary of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.), a non-banking financial institution established in 2013 with a mandate to facilitate the free flow of affordable finance and investments to the agricultural sector.

NIRSAL is tasked with the aim of redefining the agribusiness sector and its activities within the country. It does this by measuring, repricing, and then sharing agribusiness credit risks.

NIRSAL Microfinance Bank Loan

The following are loan products offered by NMFB

  • The Agric, Small Medium Enterprise Scheme (AGSMEIS): AGSMEIS loan is a Nirsal agric loan that provides up to N10 million to small and medium-scale enterprises. Businesses eligible for the AGSMEIS are those involved in creative & art industries (fashion, beauty, apparel & textile, arts & entertainment), Industrial & Manufacturing (agriculture & allied Processing, automobiles), Information & Communication Technology (telecommunication and media & publishing) and Hospitality (catering & event management). These loans are charged a single-digit interest of up to 9% per annum interest rate. They also do not require collateral security.
  • Anchor Borrowers’ Program: The Anchor borrowers’ program is an NMFB CBN loan that aims at creating and fostering a link between companies that engage in the processing sector and small-scale farmers who deal in essential Agricultural commodities. You can walk into any Nirsal Microfinance Bank branch to apply.
  • NIRSAL Microfinance Bank Access Target Account: This is a saving scheme that targets micro, small, and medium-scale enterprises, as well as individuals, looking to cultivate a healthy saving culture. It usually runs for a specific period for a particular financial purpose. Through this scheme, NIRSAL Microfinance Bank aids its customers in saving for a variety of specific reasons, such as rent, purchase of goods, purchase of equipment, or even for festivities. There is a predetermined limit put on the account, meaning they only allow a number of limited withdrawals by the account holder based on pre-agreed instructions. The Access Target account has an opening balance of ₦1,000 with a minimum balance of ₦500.

How to Apply for A Nirsal Loan

The following are the required documents and credentials you must have before you can access a Nirsal loan.

  • Your letter of employment
  • Pay slip
  • Your staff ID card
  • 6 months statement of your bank account
  • Other valid means of ID like your National ID, Drivers’ licence, and so on
  • A utility bill
  • 2 passport photographs
  • A guarantor form

Nirsal Loan Review


  • They have a wide range of loan offerings
  • Their rates are competitive


  • Lots of paperwork for a large amount of loans
  • You need a guarantor to access some loans
  • There is compulsory training for recipients

How to Check NIRSAL Loan with BVN 2023

The process of checking your NIRSAL loan status with BVN is very easy, convenient and straightforward. Just follow the steps provided below:

1. Visit the official NIRSAL website

The first step to take if you want to check your loan application status with NIRSAL is to visit the official NIRSAL Microfinance Bank (NFMB) Website.

Remember that before you can check this loan status with your BVN, you must have already registered on the platform and applied for a loan.

2. Select the appropriate loan type

Once you go to the website, navigate to the tab that says “Loan” and choose the type of NIRSAL loan you applied for and whether it is an individual or SME loan. Thereafter, you will be automatically redirected to the NIRSAL loan status page.

3. Input your BVN

The third step to take is to input your BVN in the blank space provided. Make sure that the BVN you provide is accurate and free from common errors.

4. Submit your BVN

After you’ve successfully entered your correct BVN number, the website will process your request and automatically display your NIRSAL loan application status. You would be able to see whether your NIRSAL loan application is still being processed, has been approved, or rejected.

How to Check NIRSAL Non-interest Loan Status?

The process of checking your NIRSAL non-interest loan status is pretty straightforward. Follow the steps below to get started:

1. Visit the official NIRSAL website

2. Next, navigate to the menu and click on “NMFB LOAN PRODUCTS”. Once you do this, a dropbox will open.

3. Click on the ‘NON-INTEREST’ option and select the kind of NIRSAL non-interest loan you applied for, whether it is ‘SME’, ‘HOUSEHOLD’, or ‘NON-INTEREST AGSMEIS.

4. The website will open the non-interest loan application status automatically, where you have to enter your application details. These details include your BVN, last name, as well as your reference number.

5. Lastly, crosscheck your details to see if it’s correct and submit it.

You would be able to see whether your NIRSAL non-interest loan application is still being processed, has been approved, or rejected.


How Do I Check my NMFB Account?

If you are an existing NMFB account owner who wants to check your NFMB account, follow the steps below:

1. Download the NMFB mobile app and click on the ‘Sign Up’ tab.

2. Next, enter your registration details, which include your NIRSAL MFB account number and the active phone number that you used to open the account. Your account number will automatically serve as your username.

3, Thereafter, tap on ‘Register’ and follow the prompt. This will allow you to easily generate a PIN and password for your account.

2. Once you’ve signed into the app, you will be able to access your NMFB account with ease.

You can get this app on Google PlayStore or on the App Store.

What is the USSD Code for NIRSAL Loan?

The unique USSD code for NIRSAL loan is *646#.  Also, you can use this code to pay your bills, buy airtime and data, and make instant transfers.

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